How to fix "The project could not be loaded as it contains no root project object." error?

When attempting to opening a fspro, Studio pops up an error dialog saying “The project could not be loaded as it contains no root project object.”. What does this mean and how do I fix it?

The Studio project is made up metadata written out into several xml files split into various subfolders. A common misconception is the fspro file is the entire project and contains all the required metadata to launch the project.

For Studio project version 1.07 or newer (i.e. the project was either created using Studio version 1.07 or newer, or the project was opened and saved using Studio 1.07 or newer), the project consists of the fspro file and a number of xml files in the Metadata folder. The root project object can be found in the Metadata/Workspace.xml file. Should you encounter the “no root project object” error, the first thing to verify is the existence of the Metadata/Workspace.xml for the project. If you are retrieving the project from source control for the first time, ensure you have sync/update everything in the Metadata folder. If you are copying project from other sources, ensure you have copied the entire Metadata folder from the source.